ECONOMY

Nov 10 10:08

Banks will need to hold big capital cushions

The world’s largest banks will have to hold 16-20% of their risk-weighted assets in equity and cancelable debt to shield taxpayers from big bills for bailing out failed banks during a crisis, according to a plan by global regulators published Monday.

The plan, drawn up by the Basel-based Financial Stability Board, would force the biggest lenders to maintain a sizable capital cushion so that they could be wound down without causing global financial panic. Banks are considered to be systemic if they pose a threat to the global financial system in the event of their failure.

Regulators see this rule as a way to put an end to the so-called “too-big-to-fail” problem—a crucial step in preventing bailouts for large lenders and shielding taxpayers from having to foot the bill for failing banks.

The agreement is “a watershed in ending ‘too-big-to-fail’ for banks,” said Mark Carney, the governor of the Bank of England and chair of the FSB.

Nov 10 09:59

Canada joins global financial powerhouses with gain of yuan trading hub

An agreement to make Canada a trading hub for the renminbi shows China’s quest to make the currency a global reserve continues at full speed.

Nov 10 09:57

JPMorgan’s $9 Billion Witness Puts Government Testimony by Her Boss into Question

Two years after attorney Alayne Fleischmann was downsized out of her job as a Transaction Manager at JPMorgan Chase, her boss, William Buell, was hauled before the Financial Crisis Inquiry Commission (FCIC) for interrogation on just how culpable the bank was in packaging and selling toxic mortgage backed securities.

Buell is the same man that Fleischmann exposed in a Rolling Stone feature article by Matt Taibbi last week as the recipient of her detailed, internal letter in early 2007, warning him that the mortgage pools her group was reviewing contained poor quality mortgage loans unfit for purchase or securitization. Despite the written warning, Fleischmann would later learn that JPMorgan, in a drive to boost market share and profits, went forward and purchased the pool, securitized many of the loans, then sold them to unsuspecting investors.

Webmaster's Commentary: 

There was a documentary produced about the 2008 melt-down called "Inside Job." It won the Oscar for best documentary then pretty much vanished from the American TV networks while the HBO movie "Too Big To Fail", which portrayed the Wall Street executives at the heart of the disaster as heroic figures struggling to deal with bad luck, was splashed across the cable channels. But as the above article illustrates, those Wall Street executives caused the collapse of 2008 by engaging in massive and deliberate fraud.

Nov 10 09:42

Axel Merk - Risky Assets Don’t Appear Risky Anymore

n the Fed ending QE 3, or money printing, Merk says, “It’s wishful thinking. We have had this a few times and the market has had a little bit of a fit. The one thing that central banks have achieved is that they have compressed risk premiums, meaning risky assets don’t appear risky anymore. Junk bonds don’t yield anything anymore, and the stock market doesn’t appear risky anymore. If risk comes back into the market because the Fed wants to do an exit . . . means asset prices will have to plunge. . . . It’s just not possible to have a Fed exit without having a very, very severe recession. That’s not what the Fed wants.” Merk goes on to say, “Ultimately, asset prices do not reflect fundamentals.”

Nov 10 09:14

What The Swiss Gold Referendum Means For Gold Demand

The referendum for the Swiss Gold Initiative is scheduled for November 30th and the propaganda war - between the Swiss National Bank (SNB) and the Swiss Parliament on one side and the Swiss People's Party (SVP) on the other - has begun and we expect it to escalate as the day draws ever nearer. Having already questioned the 'location, location, location' of Switzerland's current gold stash, and examined the initiative in great depth here, JPMorgan notes that not only might the forthcoming Swiss gold referendum stabilize gold prices at a time when Gold ETF demand continues to decline, but warns, it also appears that markets under-appreciate this event.

Nov 10 09:14

This Is What Happens When Trying To Get To The Bottom Of The UBS Gold-Rigging Scandal

As reported previously, and as had been suspected for years, the gold manipulation cartel is slowly breaking apart, and courtesy of the FT, we now know at least one individual directly implicated in Swiss gold-rigging: the former head of UBS's gold desk in Zurich, André Flotron.

So as part of our diligence, because apparently no other media will touch the topic of gold rigging until and unless it is shoved in their face on a, ahem, silver platter, because after all the subject matter is just too "conspiratorial", we decided to ask Mr. Flotron some on the record questions, and sent him the following email:

Nov 10 09:01

BREAD, CIRCUSES & BOMBS – DECLINE OF THE AMERICAN EMPIRE – PART TWO

It seems there were a few visionary thinkers in the late 1950s who foresaw the dire course our former Republic was setting. Their writings were a prophecy and a warning. There was still time to change course and avoid the pitfalls that led to the Roman Empire collapse. In Brave New World Revisited, Aldous Huxley warned against allowing a few amoral men using propaganda, scientific advancements, technology, brainwashing, and economics to control and manipulate a willfully ignorant populace into a dystopian dictatorship. The Soviet and Chinese dictatorships of the late 1950s are long gone, but Huxley foresaw how modern propaganda techniques would be used by the state to drown the masses in a sea of triviality, irrelevance, and consumerism.

Nov 10 08:51

Whistleblower: HSBC ‘lied to MPs

While Wilson has directly notified the Treasury Select Committee about his concerns regarding HSBC’s alleged criminal activity, contempt of Parliament and deliberate deceit of its customers, he is yet to receive a response.

HSBC deliberately deceived the Treasury Select Committee and was in contempt of Parliament by claiming their “fake” solicitors were regulated, whistleblower and financial activist Nicholas Wilson said Friday.

Nov 10 08:44

Stakes are high as US plays the oil card against Iran and Russia

Washington is trying to drive down prices by flooding the market with crude but risks collateral damage to its own shale industry

Nov 10 08:37

The System Is Terminally Broken

This is a world where nothing is solved. Someone once told me, ‘Time is a flat circle.’ Everything we’ve ever done or will do, we’re gonna do over and over and over again. – Nic Pizzalotto, “True Detective”

The Fed has formally “ended” QE, but it hasn’t really. The Fed will continue reinvesting interest on its portfolio in more bonds and it will rollover maturities. We saw what happens to the stock market a few weeks ago when Fed official James Bullard asserted that the Fed needs to start raising rates: the S&P 500 quickly dropped 8%. Right at the bottom of the drop, the very same Bullard issued a statement suggesting that QE should be extended. This triggered an insanely abrupt “V” move back up to a new record high for the S&P 500. Bullard either did this intentionally or is a complete idiot.

Nov 10 08:15

America with Beats Headphones, Listening to the Bad Drug Dysfunctionata Sonata.

At the same time there is the ongoing war against all things Muslim, by the Israeli Banker Crime Syndicate, which owns and operates a good portion of the western governments. From the ranks of these stupefied and hypnotized goons, they draw endless ranks of canon fodder, to die in the J Street and K Street Wars. This is what happens after years of case after case of Miller Lite Reconstituted Urine and Hog Nostril Pizzas, with Fritos sprinkled all over the top. As Papa John says to Peyton Manning in the commercial, “I can’t believe it took me 20 years to decide to put Fritos on my pizzas!” It shouldn’t take him another 20 years to decide to put Hammond’s Chocolate Caramel Marshmallow Eggs on his pizzas too. People will buy it. They'll buy shit if you serve it to them warm. That’s what cutting edge is all about. It’s about being innovative. It’s about risk taking.

Nov 10 08:14

Top 0.1%'s wealth about to overtake bottom 90% for first time since 1929

AMONG the most controversial of Thomas Piketty’s arguments in his bestselling analysis of inequality, “Capital in the Twenty-First Century”, is that wealth is increasingly concentrated in the hands of the very rich. Rising wealth inequality could presage the return of an 18th century inheritance society, in which marrying an heir is a surer route to riches than starting a company. Critics question the premise: Chris Giles, the economics editor of the Financial Times, argued earlier this year that Mr Piketty’s data were both thin and faulty. Yet a new paper suggests that, in America at least, inequality in wealth is approaching record levels.*

Nov 10 08:00

A Historic Anniversary For McDonalds: 12 Months Without An Increase In US Sales

October was a historic month for McDonalds. While the investing public was already well aware that things are bad and getting worse when it comes to demand for the iconic hamburger following MCD's 30% plunge in Q3 profit, moments ago the troubled fast-food chain reported that in the first month of the fourth quarter it celebrated a tragic anniversary: one year of US comp store sales without a single increase, following a 1% drop in US October sales! This is the first time in history when MCD has anniversaried negative same store sales in the US.

Nov 10 07:09

Where Will Risk Erupt This Time?

Nov 10 06:11

SolarCity’s $750M tax gift shrouded in secrecy

New York taxpayers are footing the bill for a massive $750-million SolarCity manufacturing plant with a promise that the company will spend $5 billion there on product and development, but when a local TV station tried to find out contract details, they were told it was confidential.

Buffalo, N.Y., station WIVB-4 received the contract through a Freedom of Information request, but most of the pages were blacked out. The resulting document looks like something reporters would receive from the CIA.

Nov 09 11:43

The horrifying truth: The lies we tell about slavery

It’s impolite to talk about money. Perhaps that’s why, when we discuss the history of slavery in this country, we tend to talk about racism, and paternalism, and the way that awful social institutions just stick around, those pesky buggers — talk about anything, that is, except for the profits.

Nov 09 10:33

10 Economic Trends that Spell Doom for America's Workers

Official government unemployment figures for the United States never tell the whole story. They don’t take into account all the Americans who have been out of work for so long that the Bureau of Labor Statistics (BLS) no longer treats them like part of the work force. Nor do they factor in widespread underemployment and the fact that so many formerly middle class Americans have joined the ranks of the neo-poor, or the fact that millions of Americans who made too much to qualify for food stamps ten years ago are poor enough to receive them now. And for them, figures recently released by the Bureau of Labor Statistics (BLS) are of little or no consolation.

Webmaster's Commentary: 

This is largely a factor of Congress no longer being the alleged representatives of We the People, but of the major corporations which fund campaigns.

And if those funders want outsourcing/offshoring of those jobs which used to be the bedrock of the middle class, then those jobs have left, and will continue to leave leave America, and at ramming speed, thank you very much.

In terms of work, I am - and have been - very lucky in my life. But a lot of other hard working Americans, through absolutely no fault of their own, have been thrown under a bus by corporations which look to export work to the cheapest labor pools available.

This is understandable. Corporations, by definition, have no conscience; only a bloodlust for a better bottom line.

But unless that changes somewhat, the cost to American society may well be more dear than the US government can deal with, perhaps to the point of massively extreme violence in our inner cities the US government may find impossible to control, without destroying those cities outright.

Nov 09 10:21

Wall Street Banks Have Been Hoarding Billions For One Legal Settlement — And It's Almost Here

Wall Street has been bracing for a billion-dollar currency manipulation investigation that will be over in a few weeks, says The Wall Street Journal.

In the past few weeks, it seems banks have been scrambling to prepare for whatever regulators on both sides of the pond may find after a fairly boring earnings season. Performance was average to slightly below, and the total trading rout banks expected didn't turn out to be that bad.

But then the disclosures started coming.

First Citigroup revised its earnings down to $0.88 per share from $1.07 per share to add $600 million to its legal reserves.

Then JPMorgan Chase also disclosed that US and UK regulators were conducting criminal (the Department of Justice is in there) and civil probes into its Forex trading operations. Of course, it's cooperating, but it has no idea how much it could lose in such a settlement — maybe nothing, maybe $6 billion.

Webmaster's Commentary: 

As I was reading this article, the first question I had to ask is, if these charges are met with convictions, who goes to jail for these massive frauds?!?

Because unless, and until, some heads roll here (metaphorically speaking), these practices won't go away, ever, in American finance.

Nov 09 08:07

Why Berkshire's Profit Fell 8.6%

Nov 09 07:58

Stryker to pay more than $1B for recalled hip devices

Kalamazoo-based Stryker Corp. agreed to pay more than $1 billion to resolve lawsuits over thousands of hip implants recalled in 2012 after patients complained of pain, swelling and metal debris from the devices.

Stryker will pay a base amount of $300,000 per case to patients who had the devices surgically removed, Kim Catullo, one of the company's lawyers, told a New Jersey judge. The device maker faces more than 4,000 suits consolidated in New Jersey state court and federal court in Minnesota.

Nov 09 07:38

Bank Whistleblower Alayne Fleischmann & Matt Taibbi on How JPMorgan Chase Helped Wreck the Economy

Nov 09 07:34

A Snake Handling Tent Revival with the Gaboon Vipers of Zion

You think you have the measure of the Gaboon Vipers of Zion. You kind of know that Bill Gates is a bloodsucking vampire bat but you probably didn't measure him for a screaming child murder headline; meaning many, many children, dead… or worse. You probably know that all these so called philanthropists are not philanthropists, that George Soros is an epic serial killer; that most of these people giving away the stray nickels from their bottomless pockets are employers of torture squads, death squads and even cheerleader squads of PR whores that they dress up for whatever lies they want told. It don’t matter. If the money is right we can talk all night.

Nov 08 14:51

2008 vs 2013: Bank Assets (As % Of GDP)

Nov 08 14:22

U.S. Dollar could reverse direction here

Nov 08 11:15

Bob Murphy: The Fed’s Stock Market Casino

Nov 08 10:54

The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation

The International Monetary Fund (IMF) quietly dropped a bomb in its October Fiscal Monitor Report. Titled “Taxing Times,” the report paints a dire picture for advanced economies with high debts that fail to aggressively “mobilize domestic revenue.” It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets.
If ever there were a roadmap for prompting massive capital flight and emigration of productive citizens toward capitalism’s nascent frontiers in Asia, this is it.

Webmaster's Commentary: 

We have been saying this at WRH for quite some time, but please:

1. Have no more money in your checking account than you absolutely need to pay the bills. Keep the rest under your personal control.

2. Have some physical gold and silver in your possession, and under your control.

The IMF (international monetary fascists) money junkies are about to loot every single citizen of everything they think they can get away with.

You have to think, and plan, ahead so as not to be a victim of their crimes.

Nov 08 09:30

Starbucks joins Monsanto and others to sue Vermont to block GMO labelling law

Starbucks doesn't think you have the right to know what's in your coffee. So it's teamed up with Monsanto to sue the small U.S. state of Vermont to stop you from finding out.

Hiding behind the shadowy "Grocery Manufacturers Association", Starbucks is supporting a lawsuit that's aiming to block a landmark law that requires genetically-modified ingredients be labeled. Amazingly, it claims that the law is an assault on corporations' right to free speech. Even a local Vermont company, Green Mountain Coffee, has joined in.

Nov 08 09:26

Ron Paul interview: A discussion about gold

Nov 08 09:20

FLASHBACK 2012 - CNBC Exec’s Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

This week financial news organization CNBC gave some mainstream attention to the largest money laundering and racketeering lawsuit in United States History, in which “Banksters” and their U.S. racketeering partners are being accused of laundering of 43 trillion dollars worth of ill gotten gains. The lawsuit is said to involve officials located in the highest offices of government and the financial sector.

Since this information was surprisingly revealed by the mainstream news organization there has been a very suspicious and deadly fallout at the CNBC headquarters. Within hours the original page for the article was taken down, and CNBC senior vice president Kevin Krim received news that his children were killed under very suspicious circumstances. It seems that the murder happened first and then the page was removed later.

Nov 08 09:18

Supreme Court Grants Cert. to Hear Challenge to IRS's Expansion of Affordable Care Act Tax Credit

Friday the Supreme Court granted certiorari in King v. Burwell, one of four pending challenges to the IRS rule authorizing tax credits and cost-sharing subsidies for the purchase of health insurance in federally established exchanges. ...

With this grant, the Court has the opportunity to reaffirm the principle that the law is what Congress enacts, not what the administration or others wish Congress had enacted with the benefit of hindsight. Granting tax credits to those who need help purchasing health insurance may be a good idea, and may have bipartisan support, but the IRS lacks the authority to authorize such tax credits where Congress failed to do so. The PPACA only authorizes tax credits for the purchase of insurance on exchanges “established by the State.”

Webmaster's Commentary: 

We have already lost control of the money to the private bankers. What happens when we lose control of the law to them as well?

Nov 08 08:51

Can't We All Just Trust Our Governments?

The key takeaway here is this: "Money only has value because we trust it, and this trust is backstopped by our trust in the government of issue."

But what if government itself, via regulatory democracy, is actually intent on misleading investors? In fact, the above sounds reasonable so long as one does not grasp the central issue being avoided – the ability of certain individuals to print what we call "monopoly fiat money."

This book and its review seem to provide us with an apologia for elite – technocratic – management to retain and expand "trust." There is apparently an endless supply of authors ready to attempt the trick of insisting on the necessity of technocracy at the expense of the Invisible Hand.

Webmaster's Commentary: 

The money and political interests are now well aware that in the age of the internet, their lies, frauds, and deceptions stand exposed. While those money and political interests are quick to blame and attack the independent media, the fact is it is their own actions which have undermined public trust in those institutions, but since changing their behavior is not something they are willing to do, we can expect a campaign of propaganda to convince us that it is somehow our patriotic duty to trust the bankers and politicians no matter how many times we catch them in said lies, frauds, and deception.

Nov 08 08:43

JP Morgan Chase Whistleblower Reveals Bank and Fed Cover-Up of Fraud

Fleischmann was terminated from the company in the midst of a round of lay-offs in 2008. An investigator from the U.S. Securities and Exchange Commission contacted her in 2012, regarding her knowledge of the events that occurred during her time at JP Morgan Chase. While the investigators were interested in certain parts of her story, it was not until 2013 that she was able to relay her full knowledge. This included “the edict against e-mails, the sabotaging of the diligence process, the bullying, the written warnings that were ignored, all of it.”

However, rather than taking JP Morgan Chase to court, Rolling Stone noted that the government “decided to help Chase bury the evidence,” which began when a press conference to announce the civil-fraud charges against the bank, scheduled by Attorney General Eric Holder for September 24, 2013, was “suddenly canceled, and no complaint was filed.”

Webmaster's Commentary: 

More proof that the Federal Government, and the federal Reserve, work for the money-junkies, not for the people.

Nov 08 08:31

Greenspan's Stunning Admission: "Gold Is Currency; No Fiat Currency, Including the Dollar, Can Match It"

TETT: Do you think that gold is currently a good investment?

GREENSPAN: Yes... Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can macth it.

Which is missing from the official CFR transcript...

Nov 08 08:13

Vladimir Putin: oil price decline has been engineered by political forces

Recent tumbles in the value of oil on global markets have been the creation of politicians, Vladimir Putin, President of Russia, suggested on Thursday.

Nov 08 06:47

EU auditors refuse to sign off more than £100billion of its own spending

The audit, published this morning, found that £109 billion out of a total of £117 billion spent by the EU in 2013 was "affected by material error”.

Nov 08 06:44

Former ECB Head Bullied Ireland into Bailout: Trichet “Held a Loaded Gun to Their Heads”

The authoritarian and undemocratic nature of the European Union has once again reared its ugly head.

Nov 08 04:37

US Consumer Borrowing up $15.9 Billion (praises more Americans taking on debt)

The Federal Reserve says overall borrowing rose $15.9 billion following a $14 billion gain in August and a $22.8 billion July increase. The gains have pushed total consumer debt to a record level of $3.27 trillion.

Nov 08 04:31

US Treasury Pressures Overseas Banks with ‘Financial Imperialism’ Over Tax Evaders

Overseas banks are being ordered to collaborate with the US Treasury to help identity which of their customers might owe the government taxes – a move that some equate to a form of “financial imperialism.”

Nov 07 21:23

South Africa suffers another credit rating downgrade

The ratings agency Moody's has downgraded South Africa's sovereign debt rating.

The move comes after similar downgrades from Fitch and Standard and Poor's.

Nov 07 21:23

Danish ship fuel supplier OW Bunker goes bankrupt

The world's largest ship fuel supplier, OW Bunker, has filed for bankruptcy after alleged fraud.

The company's troubles came to light earlier this week when it discovered suspected fraud by senior employees in a Singapore-based subsidiary.

Nov 07 17:56

Oil Price Slide – No Good Way Out

The world is in a dangerous place now. A large share of oil sellers need the revenue from oil sales. They have to continue producing, regardless of how low oil prices go unless they are stopped by bankruptcy, revolution, or something else that gives them a very clear signal to stop. Producers of oil from US shale are in this category, as are most oil exporters, including many of the OPEC countries and Russia.

Some large oil companies, such as Shell and ExxonMobil, decided even before the recent drop in prices that they couldn’t make money by developing available producible resources at then-available prices, likely around $100 barrel. See my post, Beginning of the End? Oil Companies Cut Back on Spending. These large companies are in the process of trying to sell off acreage, if they can find someone to buy it. Their actions will eventually lead to a drop in oil production, but not very quickly–maybe in a couple of years.

Nov 07 16:25

NYSE investor credit and the market:

Nov 07 16:17

Poll Shows Huge Opposition To Oval Office Amnesty

Eighty percent of voters polled on Election Day say new jobs should go to Americans and legal immigrants, not to illegal immigrants, including the potential beneficiaries of President Barack Obama’s planned executive amnesty, says an election-day poll of 806 voters.

Nov 07 16:17

Obamacare Goes Back on Trial: Supreme Court Agrees to Hear ACA Tax Subsidies Challenge

The U.S. Supreme Court agreed today to rule on the Obamacare case King v. Burwell, which asks whether the text of the Patient Protection and Affordable Care Act forbids the granting of tax credits to individuals who purchased insurance on health care exchanges operated by the federal government. The legal controversy arises from the fact that the text of the 2010 health care law limits such tax credits to individuals who purchased their insurance from an "exchange established by a State." Do those words cover the health care exchanges established by the federal government that are now operating in more than 30 states? We’ll soon find out.

Nov 07 15:16

We Are in a Currency War: Hewin

Nov 07 15:14

Hostage to the Banksters

Making Sense of the Simultaneous Inflation and Deflation!

Nov 07 14:48

Global Meat Corporations Push for Sweetheart Trade Deal

The global meat industry views the Trans-Pacific Partnership as an opportunity to "undermine local, democratic control of agriculture systems" and increase factory-farmed meat exports around the world, charges a new report from the Institute for Agriculture and Trade Policy.

The report, Big Meat Swallows the Trans-Pacific Partnership (pdf), was released Friday in advance of next week's Asia-Pacific Economic Cooperation summit in Beijing, at which world leaders are slated to discuss the international trade deal.

Nov 07 13:46

The Strangest Number In Today's Jobs Report

The population that's still in school/college/military?!

Nov 07 12:28

How your planet’s control structure really works

Forget all about whatever you were told in school about how the world works. Stay with me as I lay out a better schema, that more accurately reflects the way the world is run

Nov 07 11:55

The Gig Is Up: Money, the Federal Reserve and You.

a power point and video presentation on the creation of money with an historical analysis of our current banking system. With quotes from Ben Franklin, Thomas Jefferson, Abe Lincoln, Ron Paul, Dennis Kucinich and many others, Fielder makes his case to abolish the Federal Reserve and return to a sound and honest money system. Fractional Reserve Banking. Currency. Amero. World Government. International Banking.

Nov 07 11:53

No Asia trade pact expected on Obama's trip to region

The White House downplayed any expectations on Thursday (Nov 6) of progress on a much-awaited Pan-Pacific trade deal during President Barack Obama's upcoming trip to Asia.

The Trans-Pacific Partnership (TPP), which would encompass 40 per cent of the global economy and include 12 nations, has been the subject of protracted negotiations.

Webmaster's Commentary: 

One major brick wall is the TPP demand to prohibit all labeling of GMO products. Many Asian nations already have mandatory labeling of such products such as Japan and would view having to reverse their policy as a sign of weakness towards the United States.

Nov 07 11:38

Fiat Empire -- Why the Federal Reserve Violates the U.S. Constitution (Full Length)

This documentary with RON PAUL, G. EDWARD GRIFFIN, EDWIN VIEIRA and TED BAEHR is an excellent primer for the citizen who wants to get an understanding of how money is created and why the U.S. government is in partnership with the elite banks.

Webmaster: YouTube video embedded as Google Video is not responding at this time.

Nov 07 11:12

Pepsi and FedEx among Hundreds of Companies Using Luxembourg to Avoid Taxes

The tiny European country of Luxembourg has become a tax haven for hundreds of international corporations seeking ways to reduce their tax obligations by billions of dollars.

This discovery, made by the International Consortium of Investigative Journalists (ICIJ) from thousands of pages of leaked documents, involves at least 340 companies, including PepsiCo and FedEx.

While having little or no presence in Luxembourg, corporations have enjoyed huge tax breaks through various accounting schemes and legal maneuvers. “In some instances … companies have enjoyed effective tax rates of less than 1 percent on the profits they’ve shuffled into Luxembourg,” ICIJ reported.

FedEx established two Luxembourg affiliates so it could move money made in Mexico, France and Brazil to Hong Kong. The plan resulted in the shipping giant paying only one quarter of 1% on the earnings involved.

Webmaster's Commentary: 

"Taxes? Those are for the little people!!!" -- Official White Horse Souse

Nov 07 11:07

QE Ends, Silver Price & Quotes of History

Nov 07 10:38

Silver & Money Facts not heard elsewhere

Nov 07 09:31

Bank of America adjusts results due to legal costs

Bank of America has set aside $400m (£253m) due to rising litigation costs associated with a probe into foreign currency manipulation at the bank.

That more than tripled the size of its previously-reported third-quarter loss to $232m from $70m.

Nov 07 09:31

Francois Hollande: I will quit if I fail on unemployment

French President Francois Hollande has said he will not seek re-election in 2017 if he fails to cut unemployment.

In a televised interview, Mr Hollande acknowledged he had made mistakes since taking office in 2012 but vowed to go "to the end" to reform the economy.

The BBC's Lucy Williamson in Paris says the interview is widely seen as an attempt by Mr Hollande to revive his flagging popularity.

Earlier on Thursday, a new poll put the president's approval rating at 12%.

Nov 07 09:28

Silver and Powerful Forces

What seems strange:

Demand for silver is strong and apparently increasing but the COMEX driven price for silver has been weak; it just hit a four plus year low.

The “all-in” cost of silver production has been widely quoted at or considerably ABOVE current prices. But how long can this continue?

Nov 07 09:13

The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing.

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.

Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on a grand scale. That's why the more important part of Fleischmann's story is in the pains Chase and the Justice Department took to silence her.

Webmaster's Commentary: 

Which tells you whose side the Justice Department is really on!

Nov 07 09:03

The Story of Your Enslavement

Nov 07 07:57

U.S. stocks edge lower after payrolls data

The U.S. stock market opened marginally lower on Friday as investors digested the latest employment data, showing 214,000 new jobs were added last month. The headline number was softer than expected, however, upward revisions to the previous two months more than made up for it.

Nov 07 07:35

Nonprofits Sue FDA Claiming Agency Hasn’t Proven Safety of Animal Growth Drug

A trio of food safety and environmental advocacy groups Thursday filed suit against the U.S. Food and Drug Administration, saying the agency has not sufficiently proven that ractopamine, a drug fed to pigs, cattle and turkey, is safe for animals, humans who eat them, or the environment.

Ractopamine, a beta-agonist, increases the rate at which animals convert feed to muscle by mimicking the body’s stress hormones. It is typically fed to livestock in the weeks before slaughter to promote weight gain...

Nov 07 07:31

French farmers spraying shit in Paris

Webmaster's Commentary: 

Merde!

Nov 07 07:29

The IRS Has Been Holding This Guy's $447,000 For 2 Years, And He's Never Been Charged With A Crime

More than two years ago, the IRS used a controversial policy known as civil forfeiture to empty the bank account of a small business owned by three Long Island brothers.

The brothers, Jeff, Mitch, and Rich Hirsch, haven't even been charged with a crime. But the IRS is holding their $446,651 hostage while they struggle to run their convenience-store distribution business without that cash.

Nov 07 07:22

VA surgeons risk danger by using unauthorized, potentially counterfeit medical supplies

Unauthorized and potentially counterfeit, dangerous surgical devices and medical supplies have flowed unchecked into the Department of Veterans Affairs supply chain and into VA operating rooms, according to internal agency correspondence from a major supplier who blamed new procurement rules.

The bogus supplies gained a foothold when the department started using reverse auctions to fulfill some contracts, according to both department officials and a 2012 memo from Johnson & Johnson, the world’s largest medical device business.

Nov 07 07:17

Whidbey Island business battles Wall Street giant

Dun & Bradstreet was founded in 1841 and was one of the first companies on the New York Stock Exchange. D&B rates the credit worthiness of small businesses. Without a D&B number, it can be impossible for small companies to get the financing they need to do business.

But in its complaint filed in the United States District Court of Western Washington, O&R claims D&B hurt their business instead of helped it, and co-owner Robyn Kolaitis isn’t enjoying the spotlight that comes with being the first to join the now-nationwide class action lawsuit against D&B.

Nov 07 07:13

U.S. Allots $1.4 Mil to Fight Work Discrimination in Mexico

As if it weren’t bad enough that the U.S. spends exorbitant amounts of taxpayer funds to support illegal immigrants in this country, it’s allocating north of a million dollars to help the Mexican government combat employment discrimination in Mexico.

Is there no end to the madness? Each year Americans are forced to pay tens of billions of dollars to educate, feed, house, incarcerate and medically treat illegal aliens—most of them from Mexico—in the U.S. and now we’re sending cash south of the border for a cause that’s hardly ours to fund. Uncle Sam will dole out around $1.4 million to help Mexico enforce a two-year-old federal labor law that’s supposed to protect workers, but the Latin American country evidently doesn’t have the resources to enforce it.

Nov 07 07:05

US Employers Add 214K Jobs; Rate Falls to 5.8 Pct.

Three days after voters registered their sourness about the U.S. economy, the government said Friday that employers added a solid 214,000 jobs in October, extending the healthiest pace of hiring in eight years.

The Labor Department also said 31,000 more jobs were added in August and September than it had previously estimated. Employers have now added at least 200,000 jobs for nine straight months, the longest such stretch since 1995.

The burst of hiring lowered the unemployment rate to 5.8 percent from 5.9 percent. It is the lowest rate since July 2008.

Nov 07 06:52

Crazy! "S&P 500 Will Be 2,150 by Christmas" Call....

So this megaphone playing out again is just plain crazy.

Nov 07 06:39

Has Washington Just Shot Itself in the Oily Foot?

The collapse in US oil prices since September may very soon collapse the US shale oil bubble and tear away the illusion that the United States will surpass Saudi Arabia and Russia as the world’s largest oil producer. That illusion, fostered by faked resource estimates issued by the US Department of Energy, has been a lynchpin of Obama geopolitical strategy.

Now the financial Ponzi scheme behind the increase of US domestic oil output the past several years is about to evaporate in a cloud of fictitious smoke. The basic economics of shale oil production are being ravaged by the 23% oil price drop since John Kerry and Saudi King Abdullah had their secret meeting near the Red Sea in early September to agree on the Saudi oil price war against Russia.

Nov 07 02:57

German Bank Charging NEGATIVE Interest to its Customers

On November 1st, the first European bank has passed along these negative interest rates to its retail customers. -- So if you maintain a balance of more than 500,000 euros at Deutsche Skatbank of Germany, you now have the privilege of paying 0.25% per year… to the bank.

Nov 06 19:49

The globalists are losing control

Nov 06 19:12

Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking

Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing.

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.

Nov 06 15:59

The Military-Industrial Complex Blasts Its Way into the Civilian Market

Don’t look now, but the overbearing power of America’s military-industrial complex has probably snuck into your town.

The multibillion-dollar global armament giants have discovered a hot new growth market here at home: police forces.

Nov 06 15:30

Poland will return to the issue of entry into eurozone after the 2015 parliamentary election

Poland will return to the issue of euro entry after the 2015 parliamentary election, President Bronislaw Komorowsky said. He noted that Poland is not yet ready for it.

Nov 06 15:27

Former NSA Lawyer Says Reason Blackberry Failed Was 'Too Much Encryption'

Warns Google/Apple Not To Make Same Mistake

, the idea that this was the reason for the company's downfall is ludicrous.

Nov 06 15:06

Andrew Hoffman – QE Gone Wild

Nov 06 15:05

Clashes, water cannon, tear gas in EU’s ‘capital’: Anti-austerity anger in Brussels

Nov 06 14:06

British banks face major anti-monopoly probe

A major inquiry into the dominance of Britain’s largest banks was launched by the Competition and Markets Authority (CMA) on Thursday in an effort to challenge their monopoly of the UK’s financial sector and boost competitiveness on the high street.

The watchdog’s investigation focuses on concerns relating to large banks’ control of the UK’s lucrative personal current accounts and small business lending sectors.

Nov 06 14:04

FEDERAL RESERVE 100 years of - Money for Nothing

Nov 06 13:23

Old GM says it can’t pay owners of recalled cars

The creditor trust for General Motors Co.’s bankrupt predecessor said it can’t pay owners of recalled cars without hurting existing creditors, including lender JPMorgan Chase & Co.

Nov 06 12:58

Keiser Report: Fools & Their Money

Nov 06 12:54

Recession: Will It Be 1937 All Over Again?

Nov 06 12:41

Did We Just Mark the Absolute Top?

Nov 06 12:40

The Economic Recovery’s Missing Ingredient

Federal Reserve Chairman Janet Yellen gave a speech a few weeks ago that was doubly unusual.

First, she provided a welcome and trenchant analysis of inequality, focusing on the stagnant income and wealth of middle- and low-income families relative to the top few percent. For the nation’s chief economist to elevate this issue is an important contribution in its own right.

Nov 06 12:32

Honeypot? Federal Agents Helped Launch and Run Silk Road 2.0

Eric Blair
Activist Post

The FBI successfully provided protection for violent drug cartels today by seizing the peaceful e-commerce website Silk Road 2.0.

This feat was accomplished because "at least one undercover law enforcement agent" helped start the shop and run it for a year...

Nov 06 12:16

The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

Chase whistle-blower Alayne Fleischmann risked it all.
Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking
By Matt Taibbi

Nov 06 12:11

The Magic Of CPI: Watch How Economists Transform A 400% Price Increase Into A 7.1% Decline

“When one with honeyed words but evil mind
Persuades the mob, great woes befall the state.”
- Euripides

Nov 06 12:08

DEALING WITH THE ORGANIZED CRIMINAL SYNDICATE OF CREDIT CARDS

Karen Quinn-Tostado's blog post

Nov 06 12:08

The American “Deep State”, Wall Street, Big Oil and the Attack on US Democracy

In the last decade it has become more and more obvious that we have in America today what the journalists have called… America’s “deep state.” (1)

This expansion of a two-level or dual state has been paralleled by two other dualities: the increasing resolution of American society into two classes—the “one percent” and the “ninety-nine percent”—and the bifurcation of the U.S. economy into two aspects: the domestic, still subject to some governmental regulation and taxation, and the international, relatively free from governmental controls. (2)

Nov 06 11:56

Boehner vows House will repeal Obamacare

House Speaker John A. Boehner said President Obama will “poison” chances for cooperation with Congress if he moves unilaterally to claim powers to grant legal status to illegal immigrants.

“He’s going to burn himself if he continues to go down this path,” Mr. Boehner said.

Newly elected to his House seat and likely to be returned at speaker in the next Congress, Mr. Boehner said he would like to tackle immigration in Congress but wouldn’t commit to holding a vote, saying he wanted to talk with his fellow House Republicans first.

SEE ALSO: White House predicts GOP might ‘change their tune’ after landslide victory

He did, however, say the House will vote to repeal Obamacare and will also likely pass a bunch of bills to carve out some of the most contentious parts such as a tax on medical devices or the individual mandate.

“We need to put them on the president’s desk and let him choose,” the speaker said.

Webmaster's Commentary: 

Obama will veto. For the next two years he doesn't care what the public thinks about him.

Nov 06 11:13

How I Realized Child Hunger Hits Everyone Close To Home

It didn't take long for reality to hit close to home -- literally -- for me as I was filming my latest documentary, "Going to Bed Hungry: The New Face of Child Hunger." I was in Palm Desert, California, where my wife and I were married. It's an area near Los Angeles that we visit often and that has come to feel like a second home to our family. The beautiful resort community is filled with swimming pools, restaurants, and award-winning golf courses. According to a recent census report, one out of every two adults in the area are millionaires. Yet when we began research for our story, things suddenly took an interesting turn.

Child hunger in America is often something you don't "see" or suspect is close to you, but there we were in an affluent area I knew quite well, interviewing hungry kids who live just blocks away from million dollar homes. I realized for the first time, 'If child hunger can exist here, it can exist anywhere.'

Webmaster's Commentary: 

The US Government has no business sending a single penny of our tax money to other nations while Americans sleep in alleys and eat out of trash dumpsters.

Nov 06 11:02

We Have Just Witnessed The Last Gasp Of The Global Economy

It is difficult to find the motivation to write about the state of the global economy these days, if only because there is not much left to say. I feel like I am composing multiple obituaries for the same long dead corpse. Most of the Liberty Movement and I suspect a small portion of the mainstream market understand that there is no tangible or legitimate recovery, let alone a stable fiscal ladder to rest our feet upon. There is literally nothing left to the financial system but rigged statistics, false promises, and ever expanding debt. In fact, the concept of debt creation is the only thing holding our facade of an economy together.

Nov 06 10:56

Demonstration gone wrong [RIOT]

Webmaster's Commentary: 

The face of European "democracy" in action.

Nov 06 10:20

Dominique Strauss Khan's Investment Banking Venture Goes Bust

Dominique Strauss-Kahn, the former International Monetary Fund boss caught up in a string of scandals, has just seen his one-year old investment banking firm go down the drain.

Last week, Strauss-Kahn's business partner Thierry Leyne fell from a building to his death in Israel in an apparent suicide. Today, The Wall Street Journal reports that Leyne Strauss-Kahn & Partners (LSK Partners) has declared itself insolvent.

Webmaster's Commentary: 

Were I a betting woman, I would not bet against a number of private banking ventures taking an industrial-strength tumble in the not too distant future.

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